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As of 2021, 156 million people, or 49% of the country's population, got health insurance from through their employer. Yet, only 10% of employees actually use their benefits, because 76% of them don’t understand their health benefits.
HealthJoy is a healthcare navigation platform that aims to simplify the experience for employees by making it easier for them to understand, and use, their benefits. The goal is to drive benefits satisfaction, improve care outcomes, improve employee satisfaction, and reduce HR burden.
On Thursday, the company announced a $60 million Series D round funding led by Valspring Capital, with participation from new investors Endeavour Vision and CIBC Innovation Banking. Existing investors US Venture Partners, GoHealth co-founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nueterra Capital and Epic also participated in this round.
This is HealthJoy's first round of funding since it raised $30 million in February 2020, and this new capital brings its total raised to $108 million.
Founded in 2014, HealthJoy provides its users with a chat-based app that combines its team of healthcare concierges, as well as its chatbot, called JOY, to help employees to find and use their benefits from a single source.
The company integrates and partners with healthcare service providers and benefit consultant agencies, allowing employees to access their benefits from a centralized hub. It gives them information about benefits they might not have even known they had by allowing them to connect with its JOY chatbot, or a human concierge.
The company currently provides healthcare benefits navigation to over 1,000 employers in the U.S, supporting the management and delivery of healthcare benefits to nearly half a million employees and dependents.
HealthJoy says it will use the money to accelerate growth while maintaining its user experience.
"This is a special moment in our journey to create an intuitive, connected experience that takes the confusion and complexity out of healthcare while reducing the ever-growing administrative burden faced by HR leaders," Justin Holland, CEO and co-founder of HealthJoy, said in a statement.
"As we enter 2023, employers will continue to be challenged to add new point solutions. Due to the hard work and dedication of our global team, we are in the strongest position we have ever been to support employers in this new era."
(Image source: healthjoy.com)
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